Small LENDER Act
Latest Action
Placed on the Union Calendar, Calendar No. 610.
Official Summary
Small Lenders Exempt from New Data and Excessive Reporting Act or the Small LENDER Act This bill modifies the requirements for financial institutions to report certain information about small business credit applications to the Consumer Financial Protection Bureau (CFPB) and extends the timeline for compliance with the CFPB rule with respect to such reporting (i.e., Section 1071 final rule). (For background about the CFPB rule and subsequent litigation see CRS Report R47788.) Under the bill, the reporting requirements apply only to financial institutions that originate at least 500 credit transactions to small businesses in each of the preceding two years. The bill further defines small businesses as those with gross annual revenue of $1 million or less. The rule currently establishes a phase-in period that ultimately requires institutions that originate over 100 credit transactions to small businesses to comply with the reporting requirements. The rule also defines small businesses as those with gross annual revenue of $5 million or less. Further, beginning on the date the final CFPB rule was issued (May 31, 2023), the bill provides three years for applicable financial institutions to comply with the rule followed by a two-year safe harbor period during which such institutions are not subject to any penalties for failure to comply with the rule.
GovScope Watchdog™
AI Government Intelligence™The Small LENDER Act (H.R. 941) is a bill introduced in the 119th Congress aimed at addressing issues related to small lenders. Specific details about the bill's provisions, objectives, or mechanisms are not provided in the available summary or full text. The bill is currently in process and has been placed on the Union Calendar, indicating it is scheduled for consideration by the House of Representatives.
H.R. 941, the Small LENDER Act, is pending consideration in the House with limited publicly available information on its content or policy implications.
- The bill is titled the Small LENDER Act and was introduced in the House of Representatives during the 119th Congress.
- As of the latest update, the bill has been placed on the Union Calendar, Calendar No. 610, which schedules it for House floor consideration.
- No official summary or full text is available, limiting detailed analysis of the bill's provisions or intended impact.
['Potential beneficiaries could include small lenders or financial institutions, but specific beneficiaries cannot be identified due to lack of detailed bill content.']
['Without the full bill text or summary, it is unclear what implementation challenges, costs, or oversight mechanisms might be involved.', 'The absence of detailed policy area information limits assessment of regulatory or authority changes.', 'Potential tradeoffs or impacts on other financial sectors or regulatory bodies cannot be determined.']
The bill is part of the 119th Congress legislative agenda and has reached the stage of being placed on the Union Calendar, indicating procedural progress toward House floor consideration. No additional context on bipartisan support, committee referrals, or related legislation is available.
Hidden impact flags detected: 1
GovScope reviewed 1 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['If enacted, the bill could influence lending practices or regulatory frameworks affecting small lenders, potentially impacting credit availability or financial market dynamics.', 'Scheduling on the Union Calendar suggests legislative prioritization that may affect related financial legislation timelines.']
Due to the lack of available bill text and summary, transparency is limited, which constrains public understanding and oversight. Monitoring future updates for full text release and detailed summaries is essential for comprehensive evaluation.
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